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Wednesday, January 28, 2015
Construction begins for Third Ward hotel project
January 21, 2015 09:23 AM
Construction work began on Friday and has continued this week for the Kimpton hotel project in Milwaukee's Historic Third Ward.

“We’re moving ground,” said Jason Bos, project manager for C.D. Smith. A joint venture of C.D. Smith and KBS Construction is the construction manager for the project.

The 158-room hotel is being built on a vacant lot at the northeast corner of Broadway and Chicago Street. The hotel will be managed by San Francisco-based Kimpton Hotels & Restaurants. Milwaukee-based HKS Holdings LLC is the developer for the project.

The nine-story hotel will have a restaurant on the ground floor, a fitness center and an expansive rooftop bar and lounge area. The hotel will have 7,000 square feet of meeting and event space.

The hotel is expected to open in June of 2016.

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Johnson Controls plans major new office development
January 21, 2015 09:25 AM
Johnson Controls Inc. is considering locating a major new office development in the Milwaukee area and said the city’s proposed downtown streetcar project will be a factor in determining the site of the project.

The Glendale-based company is interested in a downtown Milwaukee site near the lakefront that will become available when the ramps of Interstate 794 are reconfigured, sources said.

The company has not publicly disclosed any details of the project.

One source said the scope of the Johnson Controls project, “will surprise a lot of people when they do announce it.”

Ald. Nik Kovac, on the floor of the Common Council today, referred to the project as, "Johnson Controls world headquarters consolidation."

“Johnson Controls is exploring a full range of options to address our expanding facilities needs in the area to support future growth,” Johnson Controls spokesman Fraser Engerman said. “These include options within Milwaukee, the surrounding communities and potentially elsewhere. These efforts are focused on growth and would not entail displacing our current local workforce. As we are evaluating options, a key consideration is a vibrant community with convenient transportation and easy access to our facilities. As a result we also have a keen interest in the downtown streetcar project and are monitoring that situation closely.”

A source said the downtown streetcar is not a requirement for Johnson Controls to build on the lakefront but the streetcar projects is a “very important factor” for the company’s decision.

Johnson Controls CEO Alex Molinaroli was one of nine prominent Milwaukee business and civic leaders who signed a letter Tuesday to Mayor Tom Barrett and the Common Council in support of the streetcar.

Last year Johnson Controls leased a 143,000-square-foot office space in the Renaissance Faire II building at 801 S. 60th St. in West Allis.

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Irgens buys two sites in Milwaukee County Research Park for office building developments
January 21, 2015 10:17 AM
Affiliates of Milwaukee-based commercial real estate development firm Irgens recently purchased two sites in the Milwaukee County Research Park in Wauwatosa, according to state records. Irgens says it is working on plans to build new office buildings on the sites.

The Irgens affiliates purchased an 8.3-acre site at 10100 W. Innovation Drive  for about $1.45 million and a 5.9-acre site at 10401 Innovation Drive for about $682,300. Both sites were sold by the Milwaukee County Research Park Corp.

Irgens plans to build a 100,000-square-foot multi-tenant office building worth $15 million to $20 million on the 8.3-acre site. Construction is expected to begin in early spring and be complete in the first quarter of 2016.

On the 5.9-acre site, Irgens plans to build a 65,000- to 75,000-square-foot build-to-suit headquarters office building. The building will be worth about $12 million. Construction on that building could begin in the fourth quarter of 2015.

No tenants have been named for the two office building projects.

With the sale of the two sites to Irgens, there are now only three sites available in the 175-acre Milwaukee County Research Park, each about 1.5 acre in size, said Guy Mascari, director of development for the Milwaukee County Research Park. The Milwaukee County Research Park is located southwest of U.S. Highway 45 and Watertown Plank Road.

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Greenfield office building sold for $16 million
January 21, 2015 09:37 AM
An affiliate of Dresher, Pa.-based Ascensus Inc., a retirement and college savings services provider, recently purchased a 50,721-square-foot office and medical office building in Greenfield for $16 million, according to state records.

The three story building, constructed in 2006, is located on a 3.5-acre site at 4131 Loomis Road, northeast of Loomis and I-894. Tenants in the building include the corporate headquarters of Advanced Pain Management, Lakeshore Medical Clinic, Aurora Healthcare's Sleep Medicine Center and a Community Bank & Trust branch.

The building was sold by Greenfield-based Loomis Investments LLC.

It was sold for well above its assessed value of $7.9 million, according to Milwaukee County Records.

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Sign-A-Rama plans new building in Menomonee Valley
January 21, 2015 10:14 AM
The Milwaukee franchise of Sign-A-Rama plans to move its operations to a new building that it plans to build in the Menomonee Valley Industrial Center.

The Sign-A-Rama franchise currently leases a 7,600-square-foot space at 272 N. 12th St. in the Menomonee Valley. But it needs more space as it adds equipment to add embroidery and screen printing services for garments, said owner and general manager Chris Nelesen.

“We’re renting right now and we’d like to own our own building and we definitely need room to expand,” he said.

Sign-A-Rama plans to build a 14,000-square-foot building at 3760 Wheelhouse Road in the MVIC, which is the industrial park created by the city just east of the Miller Park parking lots.
Construction could begin in late spring.

The Menomonee Valley offers a good location near downtown Milwaukee, Nelesen said.
“The proximity to downtown is very important to us,” he said. “A lot of our clients are downtown, and this is a hub to reach our other clients in the area. Being down here you are in the thick of things. It’s an up and coming area.”

The Milwaukee Sign-A-Rama franchise has 13 employees and plans to add another 12 employees within the next two years.

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Real estate odds and ends
January 21, 2015 10:26 AM

Pita Pit opens downtown
A Pita Pit restaurant opened Tuesday in the Railway Exchange Building at 233 E. Wisconsin Ave. in downtown Milwaukee. The Pita Pit restaurant chain is based in Coeur d’Alene, Idaho.

Brass Tap opens in Greenfield
The Brass Tap bar and restaurant opened Tuesday at 7808 W. Layton Ave., Greenfield. Tampa, Fla.-based The Brass Tap has 29 locations that are open, or are opening soon.

RE/MAX office opens in Muskego
Reno Berg and John Jewell are opening a new office in a 1,400-square-foot space at S75 W17237 Janesville Road in Muskego. The office will have a total of seven agents and staff.

Restaurant planned in Third Ward
Black Tuna LLC plans to open a restaurant called Luck Ginger at 221 N. Water St., Milwaukee, in the former Cynthia's space in the city's Historic Third Ward.

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Leases
January 21, 2015 09:53 AM

Colliers International|Wisconsin

Thyssen Krupp leased 57,378 square feet of industrial space at 5300 Ashland Way, Franklin.

Orchard Street Press leased 10,464 square feet of industrial space at 4188 S. Kinnickinnic Ave., St. Francis.

Insea LLC leased 6,601 square feet of industrial space at 5801 S. Pennsylvania Ave., Cudahy.

Wisconsin Wellness leased 4,725 square feet of industrial space at 3235 Intertech Dr., Brookfield.

Bassett Mechanical leased 4,086 square feet of industrial space in the Menomonee Falls Business Center in Menomonee Falls.

Gerald Nell Inc.

Metal-Era Inc. leased 10,000 square feet of industrial space at W220 N1687 Westwood Dr., Unit B, Pewaukee, from Sunset Investment Co.

NAI MLG Commercial

Advantage America Title & Closing Services Inc. leased 4,102 square feet of space at 19275 W. Capitol Dr., Brookfield, from Archie Realty LLC.

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Sales
January 21, 2015 09:57 AM

Colliers International|Wisconsin

5300 North 33rd Street LLC purchased the building at 5300 N. 33rd St., Milwaukee, for $2.07 million.

A private party purchased the building at N85 W15964 Appleton Ave., Menomonee Falls, for $190,000.

NAI MLG Commercial

Maple St. LLC purchased 16,500 squasre feet of space at 1809-39 S. 1st St., Milwaukee, from 111 Maple Street LLC.

Green Monster Property Management LLC purchased 7,200 square feet of space at 1824 Hobbs Dr., Delavan, from Gary and Evelyn Starck.

Siegel-Gallagher

ESJ LLC purchased 28,468 square feet of industrial space at 6001 N. 91st St., Milwaukee.

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Real estate people
January 21, 2015 10:49 AM

NAI MLG Commercial announces promotions
Milwaukee-based NAI MLG Commercial announced that Rachel L. Schmidt, Tim P. Janusz, Brett J. Garceau, Adam R. Matson and Kevin J. Schmoldt have been promoted to senior vice president and Travis A. Tiede to vice president. “Rachel, Tim, Brett, Adam, Kevin and Travis have demonstrated their expertise and professionalism, and their promotions are very well-deserved. They have each gained the respect of national, regional and local clients, managing all aspects of the transaction and the client relationship,” said John Malloy, principal at NAI MLG Commercial.

WCREW announces 2015 Board of Directors
Wisconsin Commercial Real Estate Women (WCREW) announced the 2015 Board of Directors: co-president Beth Rummel, Paul Davis Restoration & Remodeling; co-president, Heather Nelson, Spring Bank; treasurer Debbie Kossow, CliftonLarsonAllen LLP; secretary Maggie Grzesiowski, Colliers International; past president Jennifer Devitt, Wangard Partners; national delegate Erika Baurecht, Whyte Hirschboeck Dudek; Alicia Kopp, BMO Harris Bank; Roberta Oldenburg; Mortenson Construction; national delegate Karen Perzan, Quarles & Brady LLP; Anne Ryan, Baker Tilly Virchow Krause.

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Andrew Weiland This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Andrew Weiland. This bulletin is published every Wednesday morning. Send real estate news tips to Andrew.Weiland@biztimes.com or call him at (414) 336-7120.


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